Housing Market Sees 31% Surge in Under-Construction Property Prices: Magicbricks Report
In the latest findings by real estate platform Magicbricks, prices of under-construction residential properties witnessed a substantial annual increase of 31% during the January-March period of 2024 across 13 major cities. This surge in prices is attributed to a surge in demand for relatively affordable under-construction properties, amidst escalating residential prices.
Shift in Buyer Preference
Magicbricks noted a notable shift in buyer preference towards under-construction properties, which are perceived as relatively more affordable compared to completed projects. Abhishek Bhadra, Head of Research at Magicbricks, emphasized this shift, stating, “Historically, homebuyers have often favored completed projects over new developments. But against the backdrop of increasing residential prices in 2023, there emerged a discernible shift in preference towards relatively more affordable under-construction properties.”
Market Trends
According to the latest PropIndex report by Magicbricks, the demand for under-construction properties surged by 7.8% in the January-March 2024 period compared to the previous quarter. This increased demand resulted in a corresponding uptick in prices, with a quarter-on-quarter (QoQ) growth of 1.7% and a significant year-on-year (YoY) increase of 30.6%.
Regional Insights
Cities such as Noida, Greater Noida, Bengaluru, and Mumbai witnessed the most substantial price increments in under-construction properties during this period. Notably, Noida recorded a 7.1% QoQ increase, followed by Greater Noida with 6.1% and Bengaluru and Mumbai with 5.7% each.
Emerging Demand for 2BHK Units
In addition to the surge in under-construction property prices, Magicbricks’ data also highlights an emerging trend in consumer preferences towards 2BHK units. The demand share for 2BHK units increased significantly from 32% to 42% between the October-December period of the previous year and January-March 2024. Bengaluru, Noida, and Navi Mumbai particularly saw considerable growth in demand for 2BHK units during this timeframe.
Unlock Your Dream Home Today!
Get personalized real estate insights delivered straight to your inbox.
Conclusion
The real estate market, as reflected in Magicbricks’ latest report, is witnessing dynamic shifts driven by changing buyer preferences and escalating residential prices. With under-construction properties becoming increasingly attractive for investment and homeownership, the market continues to evolve, presenting both challenges and opportunities for stakeholders.
FAQs:
Q: What factors contributed to the 31% increase in under-construction property prices?
A: The surge in under-construction property prices can be attributed to heightened demand for relatively affordable housing options amidst rising residential prices.
Q: Which cities experienced the most significant price increments in under-construction properties?
A: Noida, Greater Noida, Bengaluru, and Mumbai witnessed substantial price increments in under-construction properties during the January-March 2024 period.
Q: What is the emerging trend in consumer preferences regarding property types?
A: There is a noticeable shift towards 2BHK units, with the demand share increasing from 32% to 42% between the October-December period of the previous year and January-March 2024.
The surge in under-construction property prices can be attributed to heightened demand for relatively affordable housing options amidst rising residential prices.
Noida, Greater Noida, Bengaluru, and Mumbai witnessed substantial price increments in under-construction properties during the January-March 2024 period.
There is a noticeable shift towards 2BHK units, with the demand share increasing from 32% to 42% between the October-December period of the previous year and January-March 2024.
The demand for under-construction properties surged by 7.8% in the January-March 2024 period compared to the previous quarter.
Under-construction property prices saw a quarter-on-quarter (QoQ) growth of 1.7%.
There was a significant year-on-year (YoY) increase of 30.6% in under-construction property prices.
Abhishek Bhadra is the Head of Research at Magicbricks, and he noted a shift in buyer preference towards relatively more affordable under-construction properties due to increasing residential prices.
The changing buyer preferences are leading to dynamic shifts in the real estate market, presenting both challenges and opportunities for stakeholders.
Noida recorded the highest quarterly increase in under-construction property prices at 7.1%.
The trend towards under-construction properties indicates that buyers are seeking more affordable options in a market with escalating residential prices.
The surge in under-construction property prices can be attributed to heightened demand for relatively affordable housing options amidst rising residential prices.
Noida, Greater Noida, Bengaluru, and Mumbai witnessed substantial price increments in under-construction properties during the January-March 2024 period.
There is a noticeable shift towards 2BHK units, with the demand share increasing from 32% to 42% between the October-December period of the previous year and January-March 2024.
The demand for under-construction properties surged by 7.8% in the January-March 2024 period compared to the previous quarter.
There was a quarter-on-quarter (QoQ) growth of 1.7% in prices for under-construction properties.
Under-construction property prices saw a significant year-on-year (YoY) increase of 30.6%.
Homebuyers have shifted their preference from completed projects to under-construction properties as they are perceived as more affordable.
Noida recorded the highest QoQ increase of 7.1% in under-construction property prices.
The Magicbricks report indicates dynamic shifts in buyer preferences and escalating residential prices, making under-construction properties increasingly attractive.
Bengaluru, Noida, and Navi Mumbai saw considerable growth in demand for 2BHK units during the January-March 2024 period.
The surge in under-construction property prices can be attributed to heightened demand for relatively affordable housing options amidst rising residential prices.
Noida, Greater Noida, Bengaluru, and Mumbai witnessed substantial price increments in under-construction properties during the January-March 2024 period.
There is a noticeable shift towards 2BHK units, with the demand share increasing from 32% to 42% between the October-December period of the previous year and January-March 2024.
The demand for under-construction properties surged by 7.8% in the January-March 2024 period compared to the previous quarter.
The quarter-on-quarter growth rate for under-construction property prices was 1.7%.
The current housing market is experiencing dynamic shifts, with a notable shift in buyer preferences towards more affordable under-construction properties due to escalating residential prices.
In early 2024, the demand share for 2BHK units increased to 42%.
Abhishek Bhadra emphasized that there has been a discernible shift in preference towards relatively more affordable under-construction properties due to rising residential prices.
Noida recorded the highest quarter-on-quarter increase at 7.1%.
The increase in prices suggests that potential homebuyers may find under-construction properties to be more attractive for investment and homeownership, despite the rising costs.
DISCLAIMER
The information provided on this website is for general informational purposes only. While we strive to keep the content up-to-date and accurate, we make no representations or warranties of any kind, express or implied, about the completeness, accuracy, reliability, suitability, or availability of the information, products, services, or related graphics contained on this website.
In no event will we be liable for any loss or damage including without limitation, indirect or consequential loss or damage, or any loss or damage whatsoever arising from loss of data or profits arising out of, or in connection with, the use of this website.
Real Estate Investment Risks
Real estate investments involve significant risks and market volatility. Property values, rental rates, and market conditions can fluctuate. Past performance is not indicative of future results.
Before Making Real Estate Decisions
Before making any real estate decision, we strongly advise you to:
- Conduct thorough due diligence
- Consult with qualified legal, financial, and real estate professionals
- Carefully review all relevant documents and contracts
- Consider your personal financial situation and investment goals
This website does not provide legal, financial, or investment advice. All content is for informational purposes only and should not be construed as professional advice or recommendations.
By using this website, you acknowledge and agree to these terms. We reserve the right to modify this disclaimer at any time without notice.
